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The activity of NEXUS Consultants in the markets of the Baltic Sea region requires ongoing analysis of development trends in the energy, infrastructure and industrial sectors. Projects related to the energy transition and the development of the hydrogen economy play a particularly important role in this process.
For several years, NEXUS Consultants has been involved in hydrogen economy projects across the Baltic Sea region, analysing not only individual initiatives but also their infrastructure, regulatory and business environment.
From this perspective, the changes currently taking place in Northern Europe are particularly interesting.
Finland, Sweden and Norway are increasingly forming a new corridor for industry, energy, logistics and security.
Until recently, the northern regions of Scandinavia were associated primarily with access to natural resources, extractive industries, transport and tourism. Today, their role is clearly changing.
The development of logistics connections between Finland, Sweden and Norway, investments in rail infrastructure and the expansion of energy infrastructure are making Northern Europe an increasingly attractive area for new industrial investment.
A new security dimension must also be taken into account. Finland’s and Sweden’s membership in NATO increases the importance of critical infrastructure, mobility and the ability to move people, goods and equipment along the east–west axis.
As a result, transport infrastructure is no longer serving an exclusively economic function. It is also becoming an important element in building the resilience and security of the entire region.
The development of cross-border rail connections between Finland and Sweden, together with further planned transport investments in the north, should be analysed in a much broader context than simply improving mobility.
Better connections create opportunities for developing new supply chains, locating industrial projects and expanding business cooperation between individual countries.
At the same time, they increase the region’s infrastructure resilience and open up additional transport routes through Sweden to Norway and the Atlantic ports.
From the perspective of NEXUS Consultants, this is a particularly interesting development. The emerging infrastructure may reshape not only transport routes, but also the geography of future investment and business relationships.
Another element of this emerging system is the development of hydrogen infrastructure.
One of the most important initiatives is the Nordic Hydrogen Route (NHR) – planned cross-border hydrogen infrastructure connecting northern Finland and Sweden.
Its objective is to create the conditions for the development of a regional hydrogen market by connecting future producers and consumers and supporting the decarbonisation of industry.
What is particularly interesting, however, is the geography of the project.
The planned route of the hydrogen infrastructure largely overlaps with the northern economic corridor where rail and logistics connections between Finland and Sweden are being developed, with further access towards Norway and the Atlantic coast.
It is precisely this overlap of energy, transport and industrial infrastructure that may prove crucial to the future of the region.
When existing and planned investments are considered together, a much broader picture begins to emerge.
The same region is seeing the development of:
These are no longer merely individual, independent projects.
A cross-border infrastructure ecosystem is emerging, connecting energy, industry, logistics and security.
Each of the three countries brings its own capabilities, resources and competitive advantages to this system.
Norway has a strong energy sector, extensive experience in delivering large-scale infrastructure projects and access to Atlantic ports.
Finland has advanced capabilities in automation, energy, industrial technologies and solutions designed to operate in the demanding conditions of the north.
Sweden, meanwhile, serves as a natural link between these economies while also having its own strong industrial, energy and technology base.
Combining these strengths with the development of energy and transport infrastructure may significantly increase the importance of the Finland–Sweden–Norway corridor in the coming years.
From a business perspective, this creates opportunities not only for companies involved in the hydrogen economy. The process should also be closely followed by industrial, energy, infrastructure, technology and logistics companies, as well as businesses operating in the security and defence sectors.
For years, NEXUS Consultants has been developing expertise and business relationships related to energy and hydrogen projects in the countries of the Baltic Sea region.
Participation in international initiatives and direct contacts with market participants allow the company to analyse the development of the hydrogen economy not only from the perspective of an individual project or country, but across the entire regional value chain.
This is why the development of the northern Finland–Sweden–Norway corridor is also of interest to NEXUS Consultants as an example of a systemic approach to creating new markets.
It is not only about building an electrolyser, pipeline, railway line or terminal.
The key question is: how can these elements be connected so that together they create a competitive and resilient economic system?
The Scandinavian example may also provide a valuable point of reference for the ongoing discussion in Poland concerning the development of new industrial districts.
This debate often focuses primarily on locating infrastructure, production and investment within Poland’s borders.
The example of Northern Europe demonstrates a different approach: building competitive advantage by connecting capabilities, infrastructure, resources and markets across borders.
In the context of security of supply, infrastructure resilience, the energy transition and economic efficiency, such an approach may become increasingly important.
Not every element of the value chain needs to be located within a single country. What may prove far more important is creating a system in which individual countries make use of their own competitive advantages, while energy and transport infrastructure connects them into one efficiently functioning economic ecosystem.
At NEXUS Consultants, we analyse projects being developed across the Baltic Sea region not merely as individual investment initiatives.
What interests us most is the way entire ecosystems are being built – from energy and hydrogen, through transport and industry, to security and dual-use technologies.
The Finland–Sweden–Norway corridor is a particularly interesting example in this respect.
The coming years will show which of the planned investments will be implemented and on what scale. Even today, however, it is worth monitoring the region, analysing emerging models of cooperation and gathering good practices that may also be applied in other parts of Europe.
The key lesson from the North is simple: industrial, energy and security advantages do not need to be built exclusively within the borders of a single country. Increasingly, competitive advantage is created through cooperation, specialisation and the cross-border integration of infrastructure.
Source: YLE, Finland. The rail connections marked in red and green are currently in the planning phase.
During the webinar “Accelerating international cooperation for the development of integrated hydrogen infrastructure from the perspective of the Baltic Sea Region”, participants discussed the key conditions necessary for the development of an integrated hydrogen market in the Baltic Sea Region, with particular focus on the role of Poland and the Pomorskie Voivodeship.
The main theme of the meeting was the need to accelerate international cooperation in the planning and development of hydrogen infrastructure. Renewable hydrogen will be produced where competitive renewable energy sources, low electricity prices and additional assets supporting Power-to-X projects — such as biogenic CO₂ — are available. At the same time, the greatest demand for hydrogen will be concentrated in industrial countries and regions, including Poland and Germany. This means that the future hydrogen market will require well-planned transmission, storage, port and distribution infrastructure.
The first part of the webinar focused on the hydrogen production potential of the Baltic Sea Region. Particular attention was paid to Finland, which, thanks to its significant renewable energy potential, relatively low electricity prices and access to biogenic CO₂, may become an important exporter of hydrogen and its derivatives, such as e-methanol, e-methane, e-ammonia and e-SAF. Examples of large-scale investment projects in individual countries were also presented.
The next thematic block addressed transmission infrastructure as the backbone of the future integrated hydrogen market. The most important planned hydrogen corridors in the region were discussed, including the Nordic-Baltic Hydrogen Corridor, the Nordic Hydrogen Route and the Baltic Sea Hydrogen Collector. From the Polish perspective, it is particularly important that future cross-border corridors do not function solely as transit infrastructure, but are connected with local assets: ports, hydrogen storage facilities, industrial off-takers and regional distribution systems.
A significant part of the meeting was also devoted to supporting infrastructure that may enable market development before full-scale hydrogen pipelines are built. It was noted that large cross-border connections are likely to become available only around the mid-2030s. Therefore, transitional solutions are already needed today. These include seaports, local pipelines, transport of hydrogen and its derivatives by rail, sea or road, conversion and reconversion infrastructure, as well as hydrogen valleys.
In this context, Pomorskie may play a particularly important role. The region has assets that can contribute significantly to the development of the hydrogen market: the ports of Gdańsk and Gdynia, the refinery in Gdańsk, offshore wind potential, planned nuclear power generation, opportunities for the development of local distribution systems and the potential for hydrogen storage in salt caverns in the Kosakowo area. This combination of resources means that Pomorskie may serve not only as a local hydrogen market, but also as a regional hub integrating supply from the Nordic and Baltic countries with demand in Central Europe.
Another important conclusion from the webinar was that hydrogen storage may become one of the key elements reducing the risks associated with market development. Hydrogen production from renewable energy sources will be variable, while many industrial consumers require stable and continuous supplies. Salt caverns can serve as seasonal storage facilities, sources of flexibility, supply security mechanisms and balancing elements of the future hydrogen transmission system.
The final part of the webinar focused on administrative and regulatory barriers. Attention was drawn to the phenomenon of regulatory overhang, where market participants know that important regulations are planned, but do not yet know their final shape, implementation timeline or economic consequences. Such uncertainty delays investment decisions, makes it more difficult to conclude long-term off-take agreements, increases the cost of capital and deepens the “chicken-and-egg” problem between production, demand and infrastructure.
The role of local and regional authorities was also emphasised. Although local governments cannot independently solve all financial risks related to large-scale hydrogen infrastructure, they have a significant impact on implementation risk. They can support spatial planning, accelerate administrative procedures, coordinate infrastructure development with network operators, ports and industry, and build local social acceptance for new investments.
The main conclusion of the webinar was that the future hydrogen market in the Baltic Sea Region should be planned as a system, rather than as a collection of separate projects. Ports, salt caverns, local distribution, hydrogen valleys, conversion infrastructure and future cross-border pipelines should be treated as interconnected elements of one puzzle. Only such an approach will make it possible to reduce investment risk, accelerate market development and prepare the region to effectively use future hydrogen corridors.
On 3 June 2026 in Warsaw, NEXUS Consultants was represented by Tomasz Pelc, President of the Management Board, at the 14th Meeting of the Coordinating Council for the Hydrogen Economy. The presentation focused on the approach to updating the Polish Hydrogen Strategy in the context of changing economic, energy and regulatory conditions.
The presentation highlighted that the Polish Hydrogen Strategy, adopted in 2021, requires a comprehensive update. Since then, external conditions have changed significantly, including the geopolitical situation, the energy market and the investment environment for hydrogen projects. A key challenge remains ensuring access to affordable, stable and low-emission electricity, without which the development of a competitive hydrogen economy in Poland will be difficult.
NEXUS also drew attention to the need to develop hydrogen projects in a model that enables financing and attracts private capital. In this context, the examples of Finland and Germany were discussed, where hydrogen market development is based not only on subsidies, but also on predictable regulations, guaranteed demand, infrastructure development and cooperation between energy system operators.
The recommendations included, among others, the need for better coordination between public administration, the energy sector and industry, a change in business models in the energy sector, and preparing Poland for decisions regarding the import of hydrogen, ammonia and synthetic fuels. The presentation also underlined Poland’s potential for hydrogen storage in salt caverns and the need to appoint a clearly defined “owner” responsible for the development of the hydrogen market.
NEXUS’ participation in the meeting reflects the company’s commitment to the development of the hydrogen economy, alternative fuels and projects supporting the energy transition and industrial decarbonisation.
NEXUS Consultants has completed a comprehensive consulting project involving the verification of the PROFIT financial model, used to calculate the costs of freight transport between cargo stations across the country.
The scope of work included, among other areas, mapping and analysing costs included in the model, verifying cost allocation across margin levels, reviewing the classification of fixed and variable costs, and preparing recommendations for further development of the cost settlement system and pricing approach.
As part of the project, NEXUS also developed decision-support tools, including a minimum commercial offer price calculator and a profit and loss simulator linking revenues with variable and fixed costs.
The project confirms NEXUS Consultants’ experience in advanced financial analysis, cost modelling and the development of practical tools supporting management decisions in complex organisations.
This year, Gazterm 2026 put forward an ambitious proposition: the development of gas infrastructure should drive domestic business, support local companies and create space for technological innovation based on local content. This is the right approach, as only growth built on domestic resources will allow Poland to maintain its competitiveness during the energy transition.
However, one more key element should be added to this discussion: today, the competitiveness of the Polish economy depends directly on energy prices, and therefore also on the cost of gas and its supply. Natural gas still serves as a transition fuel on the path to climate neutrality, but recent events – the pandemic, the war in Ukraine and tensions in the Middle East – have shown just how unpredictable the LNG market has become.
Today, the LNG terminal in Świnoujście covers around half of Poland’s gas demand, and once the FSRU terminal in Gdańsk becomes operational, that share will increase further. This also means greater dependence on seaborne deliveries and the global geopolitical environment. As one market participant aptly noted, bottlenecks on the scale of the Strait of Hormuz can now emerge in many parts of the world: any crisis in energy logistics immediately translates into price volatility and affects the competitiveness of economies.
Gaz-System, PSG and Gas Storage Poland have investment plans worth billions of PLN. Many of these projects concern new generation capacity, including gas-fired power plants. However, only a small share of the planned units – around 3 GW – are flexible sources capable of working effectively with renewable energy sources. The majority are still CCGT units: efficient, but not very flexible and increasingly adding costs to the system.
As UNIMOT CEO Adam Sikorski rightly pointed out, today we are less concerned about electricity shortages than about fuel shortages. Yet energy prices remain the key factor, as they will ultimately determine Poland’s competitive position.
Every new infrastructure investment carries the risk of increasing the overall cost base, which may translate into higher transmission tariffs and higher electricity prices for end users. That is why it is so important for local content not to increase costs, but to help optimise them. This can be achieved through:
Such an approach, already known in Western Europe, helps reduce the final cost of energy for end users and improves the resilience of the energy system.
Looking ahead, the natural gas market has its limits, and investments made today should already be H₂-ready. The examples of Belgium, the Netherlands and Germany show that LNG terminals and transmission networks adapted for hydrogen or ammonia are becoming the standard. Poland should seize this opportunity to involve domestic research centres and technology companies in the process.
At the same time, it is worth preparing for a scenario of limited LNG supplies. In such a case, biomethane could become a strategic backup fuel. The biomethane injection points planned by PSG and Gaz-System are a step in the right direction, provided that biomethane production is coordinated with the locations of gas-fired power plants.
The transition cannot take place in silos. Investments in gas, electricity and district heating infrastructure should be designed in a complementary way, with a focus on minimising overall system costs.
The approach of financial institutions is also becoming increasingly important. The EU Taxonomy and the Green Asset Ratio (GAR) are becoming real filters determining access to capital. For infrastructure companies, this means that sustainability considerations must be incorporated already at the project planning and technology selection stages.
In the long term, another important issue emerges: the future of small gas consumers, the so-called “stove-only users”. In Poland, this group includes around 2 million households, many of them occupied by senior citizens. As network maintenance costs rise and safety requirements become more demanding, supplying gas solely for cooking purposes will become increasingly uneconomical.
The transition to electric cooking is inevitable, but it will require systemic support – both financial and technical – especially for lower-income households.
The discussions at Gazterm 2026 show that the future of the Polish gas sector is not only about security of supply, but also about economic competitiveness and energy prices. The path toward a low-emission economy requires the integration of technology, science and finance, as well as the full use of the potential of domestic companies.
This is precisely the kind of transformation – smart, collaborative and based on local resources – that NEXUS Consultants promotes.
The latest edition of H2 Poland in Poznań once again brought together key representatives of the hydrogen sector from across Europe, creating a space for discussion on the future of the market, infrastructure challenges, and opportunities for regional cooperation.
During one of the expert panels organized by the Baltic Sea Region Hydrogen Council – in which NEXUS Consultants serves as one of the coordinators – the discussion focused on a fundamental aspect of the energy transition: physical infrastructure, which is essential for the real development of hydrogen production and utilization.
The discussion emphasized that production potential is only as strong as the transmission system that enables its effective use. In this context, two key infrastructure projects were highlighted as having the potential to redefine the energy architecture of Northern and Central Europe.
The first of these is the Nordic-Baltic Hydrogen Corridor (NBHC) – an onshore network integrating Finland, the Baltic states, Poland, and Germany, enabling hydrogen transmission from the north to Europe’s main markets. The second project is the Baltic Sea Hydrogen Collector (BSHC), which aims to integrate offshore wind energy and hydrogen production from Sweden, Finland, and the Baltic states directly with the European market.
The panel covered the entire hydrogen value chain – from supply, through infrastructure and transit, to demand and storage.
In the section devoted to supply, Marko Janhunen (Gasgrid Finland / Hydrogen Cluster Finland) presented the scale of planned production volumes in Finland and their export potential within the NBHC. Björn Aronsson (Vätgas Sverige) highlighted the dynamic development of green industry in Sweden and the growing role of hydrogen in economic transformation.
The infrastructure and transit perspective was presented by Aivars Starikovs (Latvian Hydrogen Association), who discussed Latvia’s role as a key link in the regional transmission system and emphasized the importance of cross-border cooperation.
In the section dedicated to demand, storage, and the role of hubs, particular attention was given to Poland and Germany. Agnieszka Ozga (GAZ-SYSTEM) confirmed the readiness of Polish infrastructure to receive and distribute hydrogen both domestically and internationally. Walerian Majewski (NEXUS Consultants Sp. z o.o.) presented the importance of salt caverns as strategic, shared infrastructure providing system flexibility. Katarzyna Faruga (HZwo – Saksonia), in turn, outlined the demand-side conditions of German industry and identified the key economic factors shaping off-takers’ decisions.
The conclusions from the discussion are clear: infrastructure is the true driver of investment. The development of cross-border transmission connections and shared storage resources not only increases the region’s energy security, but also strengthens the competitiveness of European industry in the process of energy transition.
